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Finance Minister Asad Umar on Monday said that differences between Pakistan and the IMF had decreased following Prime Minister Imran Khan's meeting with International Monetary Fund (IMF) Chairperson Christine Lagarde on the sidelines of the World Government Summit yesterday.

"IMF has changed its position," Umar said in an address at the Chamber of Commerce and Industry in Peshawar. "It seems like we have come closer to reaching an agreement with the IMF."

The prime minister had described his meeting with Lagarde as a "convergence of views", while the latter assured him that the "IMF stands ready to support Pakistan".

The finance minister added that Pakistan's economic situation would only improve if the local business community and policymakers worked hard and made the right decisions.

Earlier today, senior PPP leader Sherry Rehman urged the government to address the reservations of the opposition over the IMF bailout package, and to disclose the terms of the agreement in Parliament.

"Why are the terms of the agreement being kept secret?" she asked. "How much of a loan will the government be taking from the IMF and what are the terms?"

"This agreement means the budget for the coming year will be coming from IMF headquarters," Rehman alleged.

"Are funds for the provinces being decreased at the IMF's behest?" Rehman asked.

"Details of the agreement should be presented in Parliament," the PPP leader asserted. "The government should maintain transparency and remove our reservations before the agreement is reached."

'Pakistan needs to improve trade with eastern and western neighbours'

Umar, while addressing the Peshawar Chamber, also stressed the need to increase regional trade and improve relations with neighbouring countries in order to boost the economy.

The finance minister said that while it is a good thing that Islamabad's relationship with Beijing is progressing and work on the China-Pakistan Economic Corridor is underway, there is "a need to improve relations and boost trade with [countries in] both the west and east of the region we live in".

He insisted that Pakistan needed to "increase trade with Iran and Afghanistan with complete focus". He also noted that officials from Western countries often say that regional trade is important and that Pakistan should improve trade relations with India.

"They are not wrong [...] but I ask them why doesn't this principle apply to Iran?"

"As far as the east is concerned, it seems that [there can be no progress] until elections are over in India. Half of their election campaigns are based on anti-Pakistan rhetoric, so right now they are busy with that. Once the elections are over, we hope that their behaviour will be better," he said.

The finance minister also commented on the Afghan peace process and said that "Pakistan should play whatever role it can" in ensuring peace in the neighbouring country.

"It is clear to the people living in Peshawar and the rest of KP [that there should be peace in Afghanistan]. It should be clear to everyone that there can be no peace in Pakistan unless there is peace in Afghanistan."

He acknowledged that trade had slowed down due to the closure of Torkham border and pointed out that the prime minister had already announced that the crossing should remain open 24 hours. However, he said, due to the slackness of government departments, progress was slow.

He also revealed that during Prime Minister Imran Khan's visit to Turkey earlier this year, Islamabad and Istanbul had agreed on working on a strategic economic framework. Pakistan will hand over the first draft of the framework to Turkey in February, he said. The Turkish delegation, that is working on the framework, is being led by the Turkish vice president, while the Pakistani side is being led by the finance minister himself.

"I said to the Turkish vice president that this [framework] should not just be limited to us. Our vision for the next 10, 20 years should be for Iran to become a part of this [economic framework] as well," he said. "Iran, Pakistan and Turkey should obviously be a part of it. [Through this framework] Pakistan should become a gateway for Turkey so they can trade with India and China. And Turkey should become a gateway for Pakistan so we can trade with Europe and Central Asia states."

He said that the geographical location of Khyber Pakhtunkhwa was important in terms of establishing trade
routes and it should be recognised in the national economic policy.

The finance minister also emphasised on the importance of developing the tourism industry in Pakistan. He said that mountainous areas could not be industrialised anywhere in the world, but they could be developed to boost tourism.

But your foreign minister is more interested in resolving Kashmir issue.

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Hwh

Feb 11, 2019 03:08pm

Good, at least do this.

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Shivam

Feb 11, 2019 03:08pm

Dont blame India for your downfall, in trade, commerce, business, just learn from Bangladesh, how they are rising, internationally, with increase in exports.

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Shivam

Feb 11, 2019 03:13pm

Erroneous statements, wont even let Indian cargo plane from Spice jet, using Pakistan airspace, to Afghanistan.

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Yuong

Feb 11, 2019 03:14pm

If you are realy serious then sign more FTA with China and open your agriculture sector for Chinese investors. It has huge potential. Chinese farm products are cheaper than Pakistan's costlier products.

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Swiss Neutral

Feb 11, 2019 03:14pm

Pakistan has no good relationships with neighbours except one.

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Yuong

Feb 11, 2019 03:14pm

Remove tax on cheap electronic products from China.

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Pro Democracy

Feb 11, 2019 03:16pm

Typical PTI hypocrisy, when NS wished to have trade with India he was labeled as traitor by PTI wala. Now PTI masters have given them go ahead to do trade with India and Afghanistan.

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Pranab

Feb 11, 2019 03:17pm

Pakistan has constantly refused Afghanistan, that it will not let, Indian trucks loaded with goods, go through Pakistan road, space, and now making distorted statements, that it should improve trade relation with eastern and western neighbors.

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Brij

Feb 11, 2019 03:19pm

You cant even give Most Favored Nation (MFN)status to India.

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Ebliss

Feb 11, 2019 03:23pm

Very good! Now please tell this to IK & COAS.

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Sarita

Feb 11, 2019 03:23pm

Chinese companies are doing great business in India and Indians are also working in Chinese company in India. VIVO, OPPO, XIAOMI and many others are doing very good business in India. So why not Pakistan?

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Surya Kant Agrawal

Feb 11, 2019 03:30pm

Everybody is not sensible like you.

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Asutosh

Feb 11, 2019 03:33pm

There are hardly any silver linings amid the grey clouds of competition, it is the fact that normalizing relations between India and Pakistan, would be a boon for business in both countries, but doubt its going to happen.

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gobardhan

Feb 11, 2019 03:34pm

"They are not wrong [...] but I ask them why doesn't this principle apply to Iran?" What works for Iran , may not work for you. Their economy is larger than yours.

IMF effect? If pakistan is serious about trade, then you should allow india and Afghanistan to use your roads and you pick toll tax. Similarly, allow Iran to India gas line and charge tax per gallon. Use CPEC to boost trade across borders with all neighbors except China. Because with China, you can only import and no export.....every country in this world has trade imbalance with China and finally US realised this and doing something about it....

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fairplay

Feb 11, 2019 04:05pm

@Shivam, good. soon there wont be any need for indian trade with the taliban led afghanistan.

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JP

Feb 11, 2019 04:06pm

@Jugnoosa, Good ,India is not in hurry to do the trade with Pakistan. Also India is not loosing any thing by not having trade with Pakistan. Understand this that it only hurts Pakistan not trading with India.

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Shanks

Feb 11, 2019 04:07pm

Indian elections are based on development, anti corruption,caste politics, farmers and employment.Nobody Care's what our neighbors are doing.

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fairplay

Feb 11, 2019 04:07pm

@Yuong, tax and duty are required to be paid, period.

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fairplay

Feb 11, 2019 04:08pm

@Pranab, no need for indian trucks to go to afghanistan shortly, problem solved.

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Chinpaksaddique

Feb 11, 2019 04:09pm

Except India

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fairplay

Feb 11, 2019 04:10pm

@Sarita, these companies are selling their goods in Pakistan already. India cant make a world class smartphone?

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fairplay

Feb 11, 2019 04:11pm

@Brij, reflects reality.

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RAja Raman

Feb 11, 2019 04:16pm

Trade with neighbours. Sensible statement..

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Hwh

Feb 11, 2019 04:28pm

@Shivam, don't take it too seriously. It is the statement, thanks to IMF. There is no reason to believe that overnight they become so sensible.

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Rashid Khan

Feb 11, 2019 04:28pm

How can any nation worth its salt ignore another of 1.2 billion potential consumers for trade? There is China but they always ensure a surplus in their favour. Turkey has a relatively small population and is more inclined to its western neighbours. Iran is good for oil. Then who is the trade and collaboration arrow pointing to? Personally, I don't see any anti Pakistan rhetoric by Indian politicians winning them massive votes. Their political leaderships are more engrossed in belittling one another.

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Peace Now

Feb 11, 2019 04:31pm

Exactly. Closing borders won't make u prosperous

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dawn

Feb 11, 2019 04:42pm

India's behaviour towards Pakistan will never improve.

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ashok

Feb 11, 2019 04:44pm

HAHA, finally budged under the pressure. This is what we have been saying since long. Good that you made the right decision.

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WISE1

Feb 11, 2019 04:47pm

Do trade with your neighbors - put Kashmir and other issues on hold; eradicate terrorism. Grow the economy the hard way without aid or grants, improve access to broad-minded modern education, improve health care, conserve natural resources- especially water, help alleviate poverty. If you do all this, see how the neighbors start envying you and work with you to address all outstanding issues. Bangladesh is a good example of how to deal with India, and grow their country.

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John

Feb 11, 2019 04:48pm

So finally you realized it! But given the situation in Pakistan, we will not be surprised if you are sacked for making that statement.

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nit

Feb 11, 2019 04:54pm

@bhaRAT, Good ! stay home , stay well.

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Raj

Feb 11, 2019 05:01pm

@bhaRAT, Our Hindi films are doing great business in Pakistan and does better than yours.Can you stop?

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Bengal tigers

Feb 11, 2019 05:18pm

Pakistan requires India much more than India requires Pakistan.Pakistan's survival now depends on trade with india.High time that Pakistan now forget the K word.

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sabir

Feb 11, 2019 05:20pm

I don't think Pakistan should ever talk to India or vice versa. Enough is enough!!! after 72 years if things have not become good why it would get better in future. What is the change in thought process of Pakistan. I say nothing and so might be the case with India. If nothing is going to change then nothing will change.

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Kamal

Feb 11, 2019 05:27pm

@Only, Whatever the reason but this is fact.

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Ah

Feb 11, 2019 05:28pm

Were not the rapidly declining and miniscule rationale intellectuals in Pakistan advocating the same to the government's each and every time, but brawn's have always won over brains in this country. I am sure, this speech will also evaporate away just as every other. Sigh...

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2CENTS

Feb 11, 2019 05:29pm

It is clear that Pak needs India to boost it's fragile economy and not vice versa. It is unlikely that India will soften it's stance anytime soon as precondition laid down for resuming any kind of talks with Pak is still not met by Pak. And we all know what that precondition is.

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Shahzad

Feb 11, 2019 05:30pm

This is the first Pakistani Govt that's thinking like leadership from countries where businesses are thriving whether it be China, Japan or EU. They're talking about frameworks between countries so Pakistani businesses can export more.
InshaALLAH PTI would change Pakistan's economic lookout in years to come.

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Ramesh R

Feb 11, 2019 05:31pm

@bhaRAT, neither we?

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Sweets

Feb 11, 2019 05:32pm

@fairplay, Every country has some sectors they dominate like Chinese for cheap products& electronics ,Taiwan for electronics, German for auto ,US for Innovation (Apple,Tesla).India is largest generic drug producer (pharmaceutical), automobiles, diamond cutting (95% diamonds in world are cut in one city in Gujarat called Surat) , IT exports (3rd most valuable IT service company is TCS after IBM(USA) & Accenture (Ireland)), cement,cereals, medical tourism.Now what does Pakistan famous for?

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abby

Feb 11, 2019 05:34pm

Pakistan should increase her production and quality for exports and local market.

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timetostopthis

Feb 11, 2019 05:37pm

Nothing will change after elections in India irrespective of who wins the elections. So please dont hold your breath.

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Khalid khan

Feb 11, 2019 05:45pm

@Shivam, The world knows BJP black face and result is very clear from election 2019.

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Zak

Feb 11, 2019 05:45pm

@Sameer, so what. If necessary so be it. Past government's left us in financial mess.

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Ashish Ranjan

Feb 11, 2019 05:52pm

@fairplay, Those smatphones are manufactured in India under MAKE IN INDIA and sold domestically thereby bringing FDI and genrating jobs. Check out oppo vivo plants. Is this the same case with Pakistan?

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Veer Singh

Feb 11, 2019 05:54pm

What does Pakistan have to offer? Indian economy is doing quite good without trade with Pakistan and with Chabahar, India has gained access to Afghanistan & beyond.

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singh la

Feb 11, 2019 06:00pm

@fairplay, For your kind information India is 2nd most manufacturer of mobile phones in world

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NP

Feb 11, 2019 06:05pm

Pakistan should start the trade relations with India and offer it free passage to Afghanistan and central Asian countries and beyond. Pakistan`s gain will be huge.

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Dr Amir Khan

Feb 11, 2019 06:16pm

Only trade can save Pakistan, not loans.

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k p rao

Feb 11, 2019 06:18pm

@Jugnoosa, GOOD

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Ravi

Feb 11, 2019 06:20pm

Indian politics in election campaign does not..Repeat does not involve pakistan or any other country. All are internal matters of india only. Please open your eyes and ears.

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Maria enteparia onnuchoriu

Feb 11, 2019 06:22pm

Trade or no trade, India is moving up.

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Vikas

Feb 11, 2019 06:27pm

This is just his statement. The establishment would never allow this. Although it is true that to improve its economy, image and people’s welfare Pakistan must trade with India, but this is true since 1947. Nothing new. Nothing has been done till now and nothing eventually will be. At the end people’s welfare is certainly not more important than Kashmir. Is it?

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Rajesh

Feb 11, 2019 06:39pm

"Differences have decreased", This means Pakistan is agreeing to all the conditions set by IMF one by one. Pakistan needs a bailout, and IMF will not take risk so it's simple logic that Pakistan will have to agree to all the terms set by IMF.

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2CENTS

Feb 11, 2019 06:44pm

But debts increased:/

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Dr Amir Khan

Feb 11, 2019 06:51pm

Yes. Now it is only 14000 kms.

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WayToGo

Feb 11, 2019 06:51pm

Magic wand...

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Simba

Feb 11, 2019 06:57pm

@Jugnoosa, agree with you. why trade with India when we can get free money from Qatar, UAE, China, Malaysia and Saudi.

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S.Tanwir Hasan

Feb 11, 2019 06:58pm

IMF opposers get educated. Without IMF program Pakistan cannot correct its budget and it's international rating so that other international agencies like World Bank and Asian Bank come to rescue further Pakistan's economy.

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Anurag Gautam

Feb 11, 2019 06:59pm

@fairplay, you don't understand business, brother Chinese have done investment in India worth billions with Indians as MD's and CEO's and all the manpower is indian, hope you may understand difference between investment and loans.

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khabboo

Feb 11, 2019 06:59pm

@Hemant , Its not the foreign ministers problem regarding what Finance minister is doing

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Chacha

Feb 11, 2019 07:10pm

When I do it’s ok when other do it’s wrong

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Dr. Hilaria

Feb 11, 2019 07:15pm

What a style !!!

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Shy Guy

Feb 11, 2019 07:21pm

Nobody is talking about Pakistan. And I am sure nobody will even after election. And these statements from FM will not be forgotten in 3-4 months. These are closing the doors of talks forever.

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PAKIstani

Feb 11, 2019 07:29pm

@fairplay, . Friend we make most of the Apps which run your smartphones. Microsoft and Google are some of the companies who have recognized it and hundreds have opened offices in India too. Any takers for Pakistan?

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Ahmad

Feb 11, 2019 07:33pm

Political concessions vs loans, the old story.
U-turn on there claims of transparency.

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Maria enteparia onnuchoriu

Feb 11, 2019 07:56pm

That body language says it all.

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Bilal Kaifi

Feb 11, 2019 07:56pm

If energy prices are increased further , exports will collapse, already Pak gas prices are twice that of Bangladesh and Vietnam. Investing PSDB in mega dams is another long term need. Dr Ishrat hussain or a growth eccentric economist should be heading finance rather than a basic accountant failing consistently.

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Bilal Kaifi

Feb 11, 2019 07:57pm

@Brij, he should not

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M.Emad

Feb 11, 2019 08:12pm

"IMF has changed its position," Umar said "
Unwise statement, even if it is true

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Sunit

Feb 11, 2019 08:40pm

Let me tell you India election is not based on Pakistan,It is entirely based on Internal issues and hardly any politician speak about Pakistan during political rallies

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Neha

Feb 11, 2019 08:40pm

@bhaRAT,
That's your opinion not that of your finance minister.

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Veer Singh

Feb 11, 2019 08:44pm

@bhaRAT "We don't want anything to do with India"

And yet your Finance Minister is saying that Pakistan wants to do trade with India and your PCB Chairman said yesterday that Pakistan needs to play cricket with India. So I would take your word over yours.

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Pervez

Feb 11, 2019 08:49pm

@M.Emad, the Finance Minister is giving "Alternative Facts".

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Shafiq Shah

Feb 11, 2019 09:12pm

A message for PPP leader Sherry Rehman, Pakistan has to pay back $5 billions in principal and interest by Jun-2019, which PPP and PMLN borrowed. There are no dollars left in the treasury. You tell me how to payback with out borrowing from IMF.

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YR

Feb 11, 2019 09:14pm

Going to the IMF is inevitable and it will happen. It has been interesting to hear the opposition's point of view on this. Those who do not know the ABC of economics have suddenly become experts. I read somewhere today that Maryam Aurangzeb (a prize winner in Economics from the PMLN institute of Ishaq Dar Economics!) said that going to the IMF would result in sky high inflation. This is the same lady who a few months ago said that Pakistan should go to the IMF and stop begging from the Saudis and Emiratis. I think she should concentrate on other issues as Economics is not her strong point.

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Akber

Feb 11, 2019 09:18pm

Finance minister is clueless about economy and finance. US $ will be trading close to Rs 160-170 before then end of this year.

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Suraj71

Feb 11, 2019 09:23pm

@fairplay, @Yuong, tax and duty are required to be paid, period.

Similarly loans are also required to be paid otherwise you may lose the collaterals.

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Mian

Feb 11, 2019 09:28pm

Please leave India alone. You deal with your matter.

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Barely

Feb 11, 2019 09:38pm

Only Few Miles

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RationalBabu

Feb 11, 2019 09:39pm

If you follow the Indian press and news channels you will find that not even 1% of the election rhetoric is anti Pakistan. They are too busy finding faults with one another - which is what normal elections are supposed to be in a normal democratic country!

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ivehadit

Feb 11, 2019 09:47pm

what happened. Mr. Omar has been saying IMF not needed and now suddenly IMF is being approached. is the cooperation on Afghanistan driving this?what is behind the change of heart? citizens deserve to know.

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Hwh

Feb 11, 2019 09:59pm

@Jugnoosa, what is your product by the way?

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darshan khattra

Feb 11, 2019 10:24pm

This report is vague. Report should indicate what does the decreased difference means and extent of differences and its effect on economy

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syed raza

Feb 11, 2019 10:28pm

the difference between PMLN and PTI also decreased

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Liaquat

Feb 11, 2019 10:40pm

Look who is he kidding? Perhaps himself...prior to reaching the deal he has pretty much met all imf conditions...look at the value of dollar...inflation...IK got his PM chair...this dude got to play finance minister..and what people got?...The IMF deal....Priceless!

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Arslan Alam

Feb 11, 2019 11:01pm

Third party want extra money to enjoyed it more

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ExMohajirinUK

Feb 11, 2019 11:05pm

Reading between lines, we need money so have accepted to all conditions of IMF. Loan Coming (Similar to Home coming)

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Zeeshan Ali

Feb 11, 2019 11:15pm

@Shivam, what should we learn from Bangladesh? how to live under pressure just like Kashmiries are living?

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hamza

Feb 11, 2019 11:28pm

Funny that Miss Shery Rehman talking about transparency?

PTI is the first government sincerely and honestly attempting to bring Pakistan out of the woods. I think people of Pakistan should blindly support IK and not pay attention to party of goons.

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dipak

Feb 11, 2019 11:34pm

This is not cricket match. Only ground reality will work . Rating is going down, how can one lend money or do business in such condition . Investor will think twice .

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Commonsense

Feb 11, 2019 11:41pm

Seems like. Now also is not sure of what's going on....

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Dr. Doctor

Feb 11, 2019 11:48pm

Strange that when PMLN promoted the same agenda they are labeled as 'traitors' by the same people now making these statements.

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Jjacky

Feb 12, 2019 12:11am

Finally imf bowed down infront of PMIK.

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Judge

Feb 12, 2019 12:20am

@Sweets, - why you are asking, what Pakistan is famous for? Whole world knows about it and therefore increasing security measures in their countries.

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Uzair

Feb 12, 2019 12:23am

Ms. Rahman might take a note that her party's demonstration of concern for Pakistan is taken as disingenuous at best, being critical of PTI for similar decisions they handled in worse ways more than once. Had they demonstrated a similar concern for the share of deficit as they do for funds, they could be taken more seriously.

As things stand, Imran Khan has shown himself to be honest, and believe me there would unlikely be a happier man, if something remotely similar could be said about her party's leadership.

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Uzair

Feb 12, 2019 12:25am

@Pro Democracy , NS did increase trade with India. Though only personal, and not of the country. After all, that was all his politics about. Just like CPEC was a gift to his person.

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Jp

Feb 12, 2019 12:29am

@Khalid khan, sorry BJP is a best party for India. This party is just thinking best for India. No other party has chance to rule India

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alliasa

Feb 12, 2019 01:15am

@Sweets, What Pakistan is famous for, you ask? Where have you been my friend all these years? Pakistan is number one in the world in IT of a different kind.

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alliasa

Feb 12, 2019 01:18am

IMF wants the rupee dollar parity to be 150 to one and utility prices to be increased by at least 50% to increase revenue. Only then the IMF loan package will be signed.

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Pathanoo

Feb 12, 2019 01:21am

In other words you have acceped IMF terms.

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Barely

Feb 12, 2019 01:57am

Why PM IK sidelined you from IMF negotiations?

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A shah

Feb 12, 2019 02:14am

First demand is to give occupied Kashmir back to india. Then let’s talk trade

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P L Bakhshi

Feb 12, 2019 03:03am

So finally it has dawned on the policy makers that IMF is the right destination, already tested by the country to bail out it once again from the serious economic crisis within which it is currently entangled. To request for help from friendly countries is good but it can be quite limited, a sort of “Pocket money” for riff raff expenses. IMF is meant for such type of situations in which Pakistan currently finds itself in. The country needs, as per reports, about $ 1200 billion to be somewhat stable. Besides other functions IMF allows Govts. to prioritize economic growth and to provide short term capital to aid the BOP (balance of payment). It also facilitates the expansion and balanced growth of trade in international market.

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Yawar

Feb 12, 2019 03:42am

Until and unless houses and buildings are not taxed appropriately (at least 1% of the value of the structure), our norm of going to the IMF and getting into more and more debt will not end. Unfortunately, PTI is doing nothing in this regard.

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aisha

Feb 12, 2019 03:46am

Why did they not reveal the terms in their tenure.PTI has been too generous , they should not have allowed coverage of the opposition on TV.

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Najeeb

Feb 12, 2019 04:04am

yes the differences has decreased as we have accepted their terms.

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Axomiya

Feb 12, 2019 04:17am

@bhaRAT, Great attitude even when you are free falling.

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Krishnan

Feb 12, 2019 04:55am

It seems that IMF has agreed to all the terms and conditions set by Pakistan. As for Indian elections please note that neither the ruling nor the opposition parties ever mention about you. So your notion is completely wrong here as well.

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Must learn

Feb 13, 2019 09:03am

IMF is a bank, that never wish to loose its customers. Pak is an old customer,
and Pak Govt and political parties are minions of IMF always act as tools for financial crunches, ultimately creating vacuum for IMF to step in. Getting loan is no achievement. Get ridding of deficits will be achievement.